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(08-18-2022, 08:03 PM)carrythenothing Wrote: (08-18-2022, 07:13 PM)Pats20 Wrote: Okay. I shouldn’t have assumed she was living large. I wonder if she has any savings or home equity she could pay down on the principle to keep the interest from accruing so much.
Interest has to be paid off before any is applied to the principal.
Hmm. I figured she had a minimum monthly payment and anything above the monthly payment would go toward principle if you request it. Like on a home or car mortgage. I might be wrong though when it comes to student loans.
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(08-18-2022, 08:24 PM)Pats20 Wrote: (08-18-2022, 08:03 PM)carrythenothing Wrote: (08-18-2022, 07:13 PM)Pats20 Wrote: Okay. I shouldn’t have assumed she was living large. I wonder if she has any savings or home equity she could pay down on the principle to keep the interest from accruing so much.
Interest has to be paid off before any is applied to the principal.
Hmm. I figured she had a minimum monthly payment and anything above the monthly payment would go toward principle if you request it. Like on a home or car mortgage. I might be wrong though when it comes to student loans.
https://studentaid.gov/understand-aid/ty...rest-rates
Quote:No payment you make will go toward any of your loan principal until you’ve paid all your unpaid interest.
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